KUALA LUMPUR (Dec 4): Fugitive financier Low Taek Jho and his associate Eric Tan Kim Loong are to be jointly charged in absentia in court today for allegedly laundering a total of US$125.97 million.

It is understood that the prosecutors will ask court to issue warrants of arrest against them.

The two have been accused of laundering US$113.43 million and US$12.54 million being proceeds of unlawful activity they had received into ACME Time Ltd’s account in RBS Coutts Bank Ltd, Singapore.

The duo have been accused of committing an offence under paragraph 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 [ Act 613 ], punishable under subsection 4(1) of the same Act.

They each face a fine not exceeding five million ringgit or imprisonment not exceeding five years; or both.

http://www.theedgemarkets.com/article/jho-low-eric-tac-be-charged-laundering-us12597m